As enacted

Contents

Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part X · Compromises

269. Interpretation

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

In this Part, unless the context otherwise requires –

“compromise” means, a compromise between a company and its creditors, or any class of them, including a compromise –

Rescue, Rehabilitation and Insolvency

(a)

cancelling all or part of any debts or other liabilities of the company;

(b)

varying the rights of creditors or the terms of any debts or other liabilities of the company; or

(c)

relating to an alteration of a company’s articles that aﬀects the likelihood of the company’s ability to pay its debts; and

“proponent” means a person referred to in section 270 who proposes a compromise in accordance with this Part.

Part XI

Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements

Part XIV